So far, the trend is down this morning.  It appeared prices would find support around 1963.50, but prices were finally able to break through and continue lower.  I see a tighter two tiered channel that is working lower, but we do have a break of it and a new low if I have it drawn properly?

The 1958.0 area was where prices found support on Friday before working higher, so I’m looking at it as a possible target and likely place to see another possible bounce or at least maybe a temporary support area.  Regardless, until we get a reversal pattern, the trend and bias will continue to be to the down side.

Mack's Mid Day Chart for 7-21-2014.
Mack’s Mid Day Chart for 7-21-2014.

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Comments

Howard July 21, 2014 at

Thanks Mack, hope you had a good weekend. I have stuck to second entries (short) again and guess what …. they all worked perfectly!! I also saw two nice traps before the two decent moves down. I didn’t trade those live, but I did trade them on SIM as I am still building my confidence with that type of trade. I could never see those traps before, but by watching the videos, chart lessons and lots of practice and your eyes suddenly become open to all these new opportunities! Hope you have had a good trading day.

Mack July 21, 2014 at

Nice work Howard. I’ve said it many times… you can make a good living taking only second entries with the trend. Follow the rules and stay disciplined and it is much easier to have success at this.

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